I recently submitted an offer on behalf of a client for a vacation home on the Finger Lakes. In response, the seller countered our offer with a request for a letter from the bank that proved they didn't have to sell their existing home to qualify for the mortgage.
"I am so offended!" exclaimed my clients. "Why would we look at property we couldn't afford?"
When you are buying property, it pays to think like a seller. Ultimately, it is a business transaction and a seller knows next to nothing about the buyer. It is very reasonable for a seller to want to see in writing that the buyer is qualified for the purchase. There is nothing personal about it!
By thinking like a seller, my buyers were able to let go of the emotions and come back to the negotiation table to focus on the more important terms of the contract. As a result, they should have a very nice summer in 2008, full of boating and relaxing!